GST Payment Online – Methods, Rules, and Form

Every registered business and taxpayer is required to pay their taxes after setting off their Input Tax Credit (ITC). The person must furnish his/her taxes every month and make the payment before the 20^th. The payment of GST can also be done online and hence, is a sustained and constructive experience too.

Payment Rules:

• If the payment of GST is not made before the due date, the person will be charged with interest from the date on which he/she was supposed to pay.
• If the person furnishes GST monthly return without paying his/her tax due, it will be considered as an invalid return.

Payment Methods

1. E Banking – Using this method the taxpayer can make the tax payment using the internet banking facility provided by their bank.
2. NEFT/RTGS – Using this method, the taxpayer can initiate a payment using either NEFT or RTGs payment method from their bank account. NEFT stands for National Electronic Fund Transfer, and RTGS stands for Real Time Gross Settlement.
3. Over the Counter – Using this method, the taxpayer can pay the tax liability by physically handing over cash, or other instruments like cheque or demand draft etc.

E- Banking

The Indian government has prescribed three different ledgers that a taxpayer should maintain.

Online Payment (Step By Step)

• Login to www.gst.gov.in to access the GST portal.
  • Click on services – payments – create challan option – enter you details.
  • (If you have created the challan already) Click on services – payments – saved challan.
• Select payment method – click on E- Payment.
• Click on the generate challan option after filling in all the details.
• Click on the Net Banking option under E- Payment
  • Choose the bank with which you want to make the payment.
  • Agree to all terms and conditions.
  • Make the payment.
• Once the payment is done, download the challan for future reference.

Offline Methods

NEFT/RTGS

• After logging in, click on the NEFT/RTGS as your payment mode.
• Once the Remitting Banks list appears select the bank of your choice.
• Click on the generate challan option.
• Print the challan and visit your bank. The mandate form will be generated simultaneously.
• Make the payment in the bank with your cheque. You can also use the account transfer facility to make the payment.
• The bank will process the transaction and the RBI will confirm it within 2 hours.
• The payment will be updated in the Electronic Cash Ledger under its respective head.

Over The Counter

• After logging in, click on the over the counter option as your payment method.
• Select the bank from the drop list, where you are supposed to deposit.
• Select the type of instrument, that is, cheque/ cash/ Demand draft.
• Click on the generate challan option.
• The challan will be generated.
• Take a printout of the challan and visit your respective bank.
• Make the payment with your instrument within its validity date.

GST Registration Forms

Conclusion

In conclusion, the GST process and payment are the key vitals to any business to remain in the race. It is essential for them to be aware of the formats, schemes, due dates etc. Not only can a proactive approach to GST minimize the potential threat of penalties, but businesses can also optimize tax liability. We are here for expert guidance, custom-fit solutions, and straightforward, user-friendly tools in facilitating your GST journey. We are here to help make that experience smoother and faster, so that you can engage in your business hassle-free. Together, we can facilitate it all, saving precious time and effort, thus providing you with the leverage and confidence to grow your business

GST Payment Process, Rules & Form FAQs: